People Involved in a Home Purchase
Mortgage Terms
- First Mortgage
- Second Mortgage
- Adjustable interest rate mortgage
- Mobile/Modular Home Mortgage
- Application:
- Assumption agreement:
- Pre-Approval
- Amortization Period
- Mortgage term:
- Payment schedule:
- Fixed Interest Rate Mortgage
- Variable Interest Rate
- Protected (or capped) Variable Rate
- Open Mortgage
- Closed Mortgage
- Conventional Mortgage
- High-Ratio Mortgage
- Down Payment
- Pre-payment
- Portability
- Mortgage Stress Test
- Credit Score
- Mortgage Loan Insurance
- Blended Payment
- Canada Mortgage and Housing Corporation (CMHC)
- Mortgage Approval
- Compound Interest
- Credit Bureau
- Credit Report
- Default
- Delinquency
- First-Time Home Buyer Incentive
- Foreclosure
- Gross Debt Service (GDS) Ratio
- Gross Monthly Income
Offer to Purchase
- Conditional offer
- Back-Up Offer
- Purchase Price
- Deposit
- Terms & Conditions
- Completion Date
- Possession Date
- Adjustment Date
- Closing Date
- Counteroffer
- Equity
- Home Inspection
- Home Inspector
- Home Insurance Premium
- Household Budget
- Interest
- Interest Rate
- Survey (or “certificate of location”):
- Sustainable neighbourhood:
- Title insurance:
- Total debt service (TDS) ratio:
- Townhouse (or “row house”):
- Universal Design
- Variable interest rate mortgage:
- Vendor: The seller of a property.
Vendor take-back mortgage:
- Deed
- Easement
- Emergency Fund
- Insurance broker
- Land Registration
- Land Surveyor
- Land Transfer Tax
- Lawyer
- Lender
- Lien
- Prepayment
- Manufactured Home
- Maturity Date
- Mobile Home
- Modular Home
- Mortgage
- Mortgage Broker
- Mortgage Life Insurance
- Mortgage Loan Insurance
- Mortgage loan insurance premium:
- Mortgage payment:
- Mortgage stress test:
- Mortgage term:
- Net worth:
- New home warranty program:
- Notary:
- Offer to purchase:
- Ongoing costs:
- Open house:
- Open mortgage:
- Payment schedule:
- PITH:
- Premium:
- Prepayment penalty:
- Principal:
- Property (or home) insurance:
- Property taxes
- Real estate:
- REALTOR.ca (formerly MLS.ca):
- Reserve fund:
- Row house (or “townhouse”):
- Security:
- Semi-detached home:
- Shared equity mortgage:
- Single detached home:
- Stacked townhouse:
- Strata (or “condominium”):